Marketplace Lender SoFi Gets Fannie Mae Approval
SoFi Lending Corp., the mortgage subsidiary of Social Finance Inc., has been approved by Fannie Mae as a seller/servicer.
SoFi has been in the mortgage business since October 2014 offering non-qualified mortgage jumbo loans.
"The certainty and efficiency offered by Fannie Mae will enable us to serve more members by expanding geographically and into smaller loan amounts," said Michael Tannenbaum, vice president of mortgage at SoFi, in a press release.
"Sixty-five percent of SoFi's purchase customers are first-time homeowners who have what we call a 'millennial mindset.' We've designed our mortgage products for them — they value convenience and speed, and they want a range of purchase-focused products that help them to be competitive in the attractive real estate markets in which they live."
SoFi is currently licensed in 26 states and the District of Columbia.